Renters in Hamilton are facing the toughest market since 2002: CMHC report

© 2023 Global News, a division of Corus Entertainment Inc.

The rental market in Hamilton is as tough today as it has been in two decades with those seeking accommodation facing some of the lowest vacancy rates, rising prices and dwindling affordability, according to Canada’s housing agency.

Canada Mortgage and Housing Corp.’s latest annual rental market report revealed the vacancy rate in the city’s purpose-built rental housing dropped to just 1.9 per cent in 2022 — the lowest since 2002.

Hamilton is on par with Canada’s national vacancy rate for purpose-built rental apartments which also declined to 1.9 per cent last year — the lowest level since 2001.

Additional strain on Hamilton renters in 2022 was generally connected with the number units in the city occupied by student renters, higher full-time employment, and fewer renters transitioning to homeownership.

Story continues below advertisement

“Average rent growth for 2-bedroom apartments was stronger this year at 5.3%, due to fewer vacancies and a higher Ontario rent increase guideline,” the CHMC report said.

Two-bedroom units provided the most competition among renters, last year.

Those looking at a two-bedroom unit, being turned over to a new tenant, paid about 26 per cent more year over with the average rent checking in at about $1,679 per month, according to the report.

Those opting for a condominium-style rental had it tough with the vacancy rate below 0.5 per cent for a fourth consecutive year. Renters of those units can expect to pay $500–$600 more per month compared to a purpose-built rental apartment.

The annual study also suggests increases in rents grew disproportionately to the incomes of the average Hamiltonian living in the metropolitan area (CMA), creating few affordable options for those looking for middle-income rentals.

Trending Now

Story continues below advertisement

With full-time employment up year over year by more than 10 per cent with those aged 25 to 44 and five per cent with those 15 and 24, the gains contributed to more individuals seeking rentals in the city as a whole.

“Only 12 per cent of vacant units were estimated to be affordable to renters at the 40th income percentile of $46,000. Most vacant units were only affordable to renters with a yearly income of $65,000 or greater,” the CMHC said.

Accommodations near McMaster University got tougher year over year as the return to in-person learning for the 2022 fall semester dropped more student renters in zones around the learning facility’s main campus.

The increase is attributed to a province-wide increase in temporary residents in Ontario on a study permit.

With rising interest rates contributing to a tight market for home ownership in Hamilton, the CHMC revealed fewer renters made the jump to homeownership.

“The income needed to qualify for a mortgage on the median priced home in the region grew more than actual incomes did,” the report said.

“This was a result of sharply rising mortgage rates. Renters had fewer affordable homeownership options, despite house prices trending lower.”

Story continues below advertisement

Rental trends in Niagara region, including St. Catharines, went in a different direction, with rental supply outpacing demand.

The vacancy rate for purpose-built rental apartments grew to 2.8 per cent in October 2022, up from the 1.9 per cent reported in October 2021.

However, the number of affordable rental options in the region declined with more tenants staying put as the costs of changing rental accommodations increased.


Football news:

<!DOCTYPE html>
Kane on Tuchel: A wonderful man, full of ideas. Thomas in person says what he thinks
Zarema about Kuziaev's 350,000 euros a year in Le Havre: Translate it into rubles - it's not that little. It is commendable that he left
Aleksandr Mostovoy on Wendel: Two months of walking around in the middle of nowhere and then coming back and dragging the team - that's top level
Sheffield United have bought Euro U21 champion Archer from Aston Villa for £18.5million
Alexander Medvedev on SKA: Without Gazprom, there would be no Zenit titles. There is a winning wave in the city. The next victory in the Gagarin Cup will be in the spring
Smolnikov ended his career at the age of 35. He became the Russian champion three times with Zenit

3:12 Hamilton to seek veto over landfill applications amid odour issue in Stoney Creek
3:09 WRHA palliative home care on good path after failures, review recommendations: advocate
3:07 Averted disaster on Horizon flight renews scrutiny on mental health of those in cockpit
2:57 Averted disaster on Horizon Air flight renews scrutiny on mental health of those in the cockpit
2:56 Vancouver Island jewelry dealer targeted by thieves for 22nd time
2:54 French-language universities back English counterparts in criticizing tuition hike for non-Quebec students
2:51 Maggie Mac Neil makes Pan Am Games history with fifth gold medal
2:51 Georgia restaurant’s ‘bad parenting fee’ eats away at some customers
2:17 Raptors tip off Rajakovic era by spreading out offence to top T-Wolves
2:16 Schroder leads new-look Raptors to win
2:15 Dennis Schroder leads new-look Raptors to season-opening 97-94 win over Timberwolves
2:08 Arnold Schwarzenegger says he’d make ‘great president,’ but calls for ‘young blood’ in 2024
1:53 Some charges stayed against Vancouver escort
1:48 Vancouver man accused in Chinatown graffiti spree heads to court
1:43 At least 16 dead in Maine shooting, law enforcement sources say
1:43 At least 16 dead after shootings at bar, bowling alley in Lewiston, Maine
1:38 ‘LOCK DOWN’: Active shooter in Lewiston, Maine; cops investigating multiple scenes
1:38 ‘LOCK DOWN’: At least 10 dead in Maine shooting, number expected to rise
1:38 At least 16 dead in Maine shooting and dozens injured, cops say
1:30 Bank of Canada holds interest rate: What this means for British Columbians
1:30 At least 10 dead in Maine shooting and number expected to rise, law enforcement officials tell AP
1:30 At least 16 dead in Maine shooting and dozens injured, law enforcement officials tell AP
1:29 No, 1 pick Victor Wembanyama is set to debut with the San Antonio Spurs and the world is watching
1:29 No, 1 pick Victor Wembanyama debuts with the Spurs and the world is watching
1:27 Mom who killed kids in Idaho will be sent to Arizona to face murder charges
1:25 Active shooter reported in Maine, police investigating multiple scenes
1:19 King Township man charged after 3-D printed handgun, other weapons seized
1:17 Would-be hit men sentenced to 10 years for 2020 Vancouver shooting
1:16 Thousands of Las Vegas hotel workers fighting for new union contracts rally, block Strip traffic
1:16 Union workers arrested on Las Vegas Strip for blocking traffic as thousands rally
1:15 Calgary’s housing crisis: Those left behind share their stories
1:11 Imprisoned ‘apostle’ of Mexican megachurch La Luz del Mundo charged with federal child pornography
1:10 Police to detonate suspicious package ‘shortly’ in city’s north end
1:07 FIQ healthcare union votes to strike Nov. 8-9
1:07 St. Lawrence Seaway strike concerns politicians, stakeholders in Hamilton and Niagara
1:04 U.S. autoworkers reach deal with Ford, breakthrough toward ending strikes
1:02 Calgary police chief unaware honour guard attended controversial prayer breakfast, but ‘not surprised’
1:00 Laura Jones: Regulation should be about improving our quality of life while minimizing red tape
0:58 Montreal hosting government, community groups, law enforcement in gun violence forum
0:50 Two arrested in Kelowna homicide investigation: RCMP
0:49 Mom convicted of killing kids in Idaho will be sent to Arizona to face murder conspiracy charges
0:47 B.C. residents split on future of provincial carbon tax: poll
0:34 Do you know Slim? B.C. RCMP seek person of interest in fatal Sparwood shooting
0:32 B.C. mother-daughter jewelry designing team featured in Rolls-Royce book
0:30 The U.S. House has a speaker. What does that mean for Israel, Ukraine aid?
0:22 Héma-Québec adding new virtual experience to boost number of blood donors
0:22 Letters to the Editor, Oct. 26, 2023
0:19 What’s trending this Halloween in the Okanagan
0:16 Teens charged with retired cop’s murder accused of flipping off his kin in court
0:13 Dusty Baker tells newspaper he is retiring as manager of Houston Astros
0:09 UAW, Ford reach tentative deal to end weeks-long strike: sources
0:09 Volunteers harvest thousands of eggs as salmon return to South Surrey river
0:03 LILLEY: Canada’s Jewish community feels like it is under assault
0:02 Ex-NFL player Sergio Brown, charged with killing mother, denied release
23:56 $15 million class-action lawsuit brought against York University and student union
23:55 Ex-NBA star Dwight Howard denies sexual assault suit filed by Georgia man
23:54 Quebec taxpayers shouldn't completely bail out Montreal-area transit companies: Guilbault
23:54 Lethbridge training exercise sees emergency responders practice responding to large crowds
23:51 Driver in Malibu crash that killed 4 college students charged with murder
23:47 Canada to send additional humanitarian aid to Nagorno-Karabakh, Gaza, West Bank and Israel
23:45 Hurricane Otis unleashes massive flooding in Acapulco, triggers landslides
23:44 MANDEL: Nygard tells court no one could be locked inside his bedroom suite
23:41 North Vancouver architecture team designs Indigenous-inspired buildings that blend with nature
23:41 Airports see surge in asylum claims after border, visa requirement changes
23:37 Vaughn Palmer: David Eby makes no apologies for calling for halt to interest rate hikes
23:35 Housing crisis bears down on some of Calgary’s most vulnerable
23:35 'I will never look at myself as a murderer,' says man convicted of St-Laurent murder
23:34 Mac Neil leads another big day in the pool for Canada at Pan Am Games
23:27 Hydro-Quebec rates ‘never’ to increase above 3 per cent, premier promises
23:27 Pro-Palestinian protesters call for immediate ceasefire in Gaza at rally in Ottawa
23:26 TransLink faces $4.7 billion financial void by 2033 without funding change
23:21 Guy Favreau shelter could be granted winter reprieve, says city
23:15 Deer scatters diners after charging into crowded Wisconsin restaurant
23:09 Emergency homeless shelter at The Gathering Place: New Beginnings continues operations
23:02 Alberta premier promises firm exit number before referendum on CPP
23:01 Professor who called Hamas slaughter ‘exhilarating’ on leave
23:01 B.C. and Washington State agree to address Nooksack River flooding, set no timeline or obligations
22:59 Gregoire Trudeau ‘re-partnered’ months before separation announced: Report
22:58 Maple Leaf notes: Ontario Sports Hall of an honour for Shanahan and more video victories
22:57 Canadian connection: Timberwolves’ Miller learning NBA ropes from Alexander-Walker
22:57 Okanagan MLA Ben Stewart not seeking re-election in 2024
22:56 Mac Neil becomes Canada’s most decorated Pan Am Games athlete with fifth gold medal
22:55 Saskatoon green cart material to be processed in-house, temporarily lowering costs
22:51 A Montrealer by choice, Restaurant Gus chef shows what out-of-province students can contribute
22:50 Hate crimes against Jews and Muslims on the rise since Hamas attack
22:47 Federal officials say plan for water cuts from 3 Western states is enough to protect Colorado River
22:47 Ex-NFL player Sergio Brown, charged with killing mother, has been denied release
22:44 Seaway strike puts Saskatchewan’s international reputation at risk, producers say
22:36 Behind the concerns and complex feelings some Indigenous audiences have about Killers of the Flower Moon
22:34 Michigan State hearing officer rules Mel Tucker sexually harassed Brenda Tracy, AP source says
22:32 CPKC lowers earnings expectations due to ‘economic headwinds,’ port workers strike
22:31 ‘Fantastic’ pet food drive helps struggling military veterans in Calgary
22:24 Auto theft probe, Project Stallion, trots 228 accused before courts
22:19 Sault Ste. Marie, Ont., killer had a history of intimate partner violence, police say
22:09 Record number of visitors to food banks in Canada renews calls for greater support in Manitoba
22:08 $4.7 billion funding gap could result in major TransLink service cuts: Report
22:02 Rising cost of living putting unprecedented pressure on Canadian food banks
21:58 Turbocharged Otis caught forecasters and Mexico off-guard. Scientists aren’t sure why
21:58 Chretien reflects on 30th anniversary of election win, says House has become 'dull as hell'
21:57 Manslaughter charges arise from Saskatoon May suspicious death